This is a systemic risk, systemic shock.

Taking Systemic Risk Seriously

Conflict management and systemic efficiency

(10) risk management.

(v) Risk management.

Risk management options

II. Risk management

C. Risk management strategy

UNHCR risk management framework

B. Financial risk management

Management has already established a risk management committee that will evaluate the piloting of enterprise risk management in the organization.

Internal control and risk management

Internet security and risk management

The review identified some systemic problems with UNHCR's procedures for financial management, monitoring and reporting.

Internal audit and corporate risk management

3. Trade finance and risk management

Improved information and communications technology risk management

The new margin requirements for derivatives, introduced in order to reduce systemic risk, are one example of such a chokepoint. It might make sense to apply them to banks or hedge funds, but pension funds are highly creditworthy institutions that pose little or no systemic risk to financial markets.

Diversification can serve as a risk management strategy, but risk can also hamper diversification.

Systemic risk is intrinsic to globalization. Greater openness and integration necessarily increase the potential for cascading crises and amplification of shocks.

(a) Enterprise risk management and internal control framework

First, modern finance is simply too politically powerful for legislatures or regulators to restrain its ability to create systemic macroeconomic risk. At the same time, it has not preserved its ability to entice customers with promises of safe, sophisticated money management.

(b) Reviewing risk management and the internal control system

(1) Training Workshop on Community Based Disaster Risk Management

97 21. UNOPS Risk management, reserves and surplus income

Has Barbados' Customs Service implemented intelligence based risk management on borders to identify high risk goods?

Systemic issues and trends in staffing and procurement activities emerged from the audited activities of high risk operations where UNHCR visibility is high.

Systemic issues

During the reporting period, UNHCR's Audit Service had embarked on a risk management pilot project in collaboration with PricewaterhouseCoopers which aimed to develop a culture of risk awareness and active risk management within the Office.

Achieving this against a background of rapid organizational and systemic changes requires substantial re engineering based on suitable change management strategies.

Their actions typically fall into the risk mitigation or loss severity reduction phases of the risk management process.

Decision making support mechanisms such as risk assessment and risk management, have been set up under these projects.

The Office identified specific risk areas by carrying out a risk management review when compiling the audit workplan.

The connection between financial risk and asset price swings emerges from the use of a new approach Imperfect Knowledge Economics (IKE) to understanding risk and fluctuations in asset markets. This approach implies that more can be done to reduce systemic risk, beyond reforming how risk is measured and capital buffers determined.

Systemic issues and trends have emerged from the audited activities of UNHCR's higher risk operations (emergency or large and complex) where UNHCR's visibility is high.

Support should be provided to ailing firms only on an exceptional basis, when they posed a systemic risk to the financial sector as a whole.

In October 2004 the Basel Committee issued Consolidated KYC Risk Management.

Access to finance and risk management would also support entrepreneurial efforts.

In paragraph 216 of the report, UNDP agreed with the Board's recommendation that it (a) evaluate establishing a risk management function responsible for implementing a risk management strategy at UNDP and (b) conduct a comprehensive risk assessment exercise.

C. Systemic issues

Selected systemic issues

Given the role internal audit should play in evaluating and improving risk management and control systems the UNHCR Audit Service embarked, in late 2004, on a risk management pilot project.

Has the Libyan Arab Jamahiriya's Customs Service implemented intelligence based risk management on its borders to identify high risk goods?

(d) Effective and efficient systems of risk management and internal control and

The risk management module was implemented in the third quarter of 2004.